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Disaster Loan Access for Territories: New Tax Requirements

This act aims to make it easier for residents of U.S. territories (like Puerto Rico or Guam) to get disaster recovery loans. It introduces flexibility in tax document requirements, potentially speeding up financial aid for those who do not pay federal income taxes.
Key points
Submitting a tax return or transcript is now a standard requirement for disaster loans.
Territory residents who don't pay federal income taxes can get conditional loan approval if they provide local tax documents.
The agency will assist applicants in obtaining necessary tax documents from the IRS or relevant local tax agencies.
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Additional Information
Print number: 118_HR_10243
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2024-11-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disaster Loan Equity for Territories Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10243.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • Submitting a tax return or transcript is now a standard requirement for disaster loans.
  • Territory residents who don't pay federal income taxes can get conditional loan approval if they provide local tax documents.
  • The agency will assist applicants in obtaining necessary tax documents from the IRS or relevant local tax agencies.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velázquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

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